First six months of 2002

- repeat business increasing with the development of the Venue and Events Management activity

- a second half year which traditionally contributes more

- annual forecasts revised upwards

I. First six months of 2002:

- Turnover: + 24.4 % - Operating income: + 32.4 %

€ million

HY1 2002

HY1 2001

variation in %

Turnover:

140,6

113,0

+ 24,4

Operating income

10,3

7,8

+ 32,4

Current profit before tax

8,8

6,8

+ 28,7

Extraordinary item

(0,3)

1,0

-

Group share of net income

5,0

4,6

+ 9,7

The operating income which is the best the Group has ever known in the first six month period, incorporates 3 significant parameters:

- the lack of contribution by Owen Brown, acquired during the previous financial year, due to seasonal nature of its business (66% of its annual turnover will be achieved in the second half as in past years) - the immediate positive contribution by BS Vision, acquired at the beginning of the 2002 financial year - the on-going, but not yet achieved, turnaround of Location Courte Durée, still running at a loss but aiming to break even in 2003.

The net income is affected in the first half year by an imbalance in the extraordinary item compared with the same period of 2001 which in particular posted a profit on disposal of property. This effect should be extinguished on the year as a whole.

Turnover per activity (in M€):

1st semester 2002

% of total

Full year 2001

% of total

Services provided

85.1

61

161.9

69

Fitting - Museography - Systems

42,8

30

60,2

25

Space and Events Management

12,7

9

12,9

5

CONSOLIDATED TURNOVER

140,6

100

235,0

100

II. Good visibility in 2002, forecasts revised upwards

When the annual figures for 2001 were published in March, we indicated a 20% increase in turnover for 2002. Given the progress this year, we can today announce a minimum increase of 25% including 5% of internal growth.

Générale Location's trump cards for the future:

Even if the economic situation is admittedly mediocre, it is important to allow for long-term structural trends which favour Générale Location due to:- globalisation and the international trade it incites. This also gives rise to events of such magnitude that only a few players can respond, including Générale Location thanks to its financial strength and its wide-ranging services; - regionalisation, with a need for local operators to be firmly established in their country of origin.

A clear strategy uniting external and internal growth: - external growth enabling increase of the earning per share and aimed at four targets: geographical, complementarity of activities, optimisation of added value, venue management with new sites to be managed; - Internal growth with venue management the most important axis to be highlighted due to its strong emergence in 2002, a profitable trade with the advantage of durability.

After the winning duo of the Exhibition Centre and Congress Centre in Toulouse, which will produce significant results from 2003 onwards, preparations are underway for the opening of the Barcelona Convention Centre where the Forum des Cultures will be held in 2004. Several tenders for Exhibition and Congress Centres are being prepared and this activity will represent 25% of total group turnover within 5 years compared with today's 10%.

And still major events in which the Group should play a significant role: The G8 meeting at Evian, the IMF Congress in Qatar and the Paris World Athletics Championships in 2003, the Athens Olympic Games and the Universal Forum of Cultures in 2004, to name but a few.